Legislation allows for state to finance acquisition and/or conversion of distressed hotels and commercial office properties by nonprofit organizations to increase affordable housing
Gov. Andrew Cuomo recently signed legislation (S.5257C/A.6593B), enacting the "Housing Our Neighbors with Dignity Act," which provides a mechanism for the state to finance the acquisition and/or conversion of distressed hotels and/or commercial office properties by the appropriate nonprofit organizations for the purpose of maintaining or increasing affordable housing.
"Putting empty buildings together with those in need of housing is common sense – there's no better way to revamp unused structures than to turn them into thriving, safe, comfortable homes," Cuomo said. "Providing affordable housing to communities not only serves those living in the homes, but the communities around them. We look forward to all that HONDA will do to serve the people of New York and I am proud to sign it into law."
Cuomo’s team said, “Housing created through HONDA will provide affordable permanent housing that meets safety, habitability and quality standards while also providing inhabitants access to supportive services.”